An Ontario court has certified a class-action lawsuit against TD Bank and certain members of its senior leadership team including former CEO Bharat Masrani in relation to its anti-money laundering program.
The lawsuit alleges that the lender misrepresented long-standing deficiencies in the program between 2021 and 2024 and prioritized profits over regulatory compliance.
TD was fined more than US$3 billion by U.S. regulators in 2024 after pleading guilty to multiple charges related to failures in the program.
The lawsuit says those failures led to its subsidiaries becoming the first banks in U.S. history to plead guilty to conspiracy to commit money laundering. …